A cryptocurrency prime dealer for professional traders and institutional investors called San Francisco Open Exchange (SFOX) announced on Thursday (August 16th, 2018) that it had raised up to $22.7 million in Series A funding.

Cryptocurrency prime dealer SFOX recently announced that it had raised $22.7 million in a Series A funding round. Tribe Capital and Social Capital led the round. Others who participated include Y Combinator, Khosla Ventures, DHVC, Blockchain Capital, DCG, Mark Britto, Airbnb Co-Founder, Nathan Blecharczyk, Upside Partnership, and SV Angel.

The company plans to use this round of financing to expand beyond its position as a prime dealer for institutional investors. It aims to achieve this by building infrastructure to become the leading institutional digital asset management platform. This plan will involve the delivery of a family of products that bring durability to crypto asset management. It will include advanced security options, risk management products, additional infrastructure, and licenses to new markets. The company believes institutional investors will gain immensely from these offerings.

Further speaking on the funding and the company’s expansion plans, Akbar Thobhani, CEO of SFOX, said,

“The distributed nature of cryptocurrency has given rise to a large breadth of exchanges around the globe, creating a fragmented market and limited liquidity. Over the last four years, we’ve been able to provide our clients a single point of access and the best price execution by building the necessary smart routing technology to navigate and connect these global markets and exchanges. Institutions need a full-service asset management platform that meets the unique needs of cryptocurrency. This is not being fulfilled by traditional tools and current platforms. We’re in a great position to provide these rails. This investment will allow us to pursue this evolution.”

San Francisco Open Exchange was founded in 2014 and has since established itself as a preferred option for many large-scale investors and high net-worth individuals. With a transaction volume of over $9 billion, the company’s client base has grown 12-fold since 2018 alone. SFOX enables institutions to trade high volumes without affecting prices by connecting them to an extensive network of global digital currency liquidity venues.

The post Cryptocurrency Prime Dealer SFOX Raises $22.7 Million in Series A Funding appeared first on UNHASHED.

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